Multilateral Trade System

The multilateral trade system is an international framework where multiple countries agree on rules and standards to facilitate the free flow of goods, services, and investments across borders. It aims to reduce trade barriers like tariffs and quotas, promote fair competition, and resolve disputes peacefully. Organized by institutions such as the World Trade Organization (WTO), this system helps countries trade more predictably and efficiently, fostering economic growth and development worldwide. Essentially, it’s a cooperative effort to create a more open, fair, and stable global trading environment for all participating nations.